Entire Newbuilding Program on Long-Term Charters Secured Revenues at Minimum $1.4 Billion with 2.6 Years Average Fleet Employment
TEN Ltd (TEN) (NYSE: TNP), a leading diversified crude, product and LNG tanker operator, yesterday announced an up to 18 months time charter with minimum and profit sharing provision for the newly delivered VLCC Hercules I to a major US oil company.
“All 15 new vessels in TEN's growth program, including the five for the rest of this year, have full long-term employment. This new time charter announced Thursday with minimum base rate and profit sharing arrangements protects the Company’s bottom line and ensures participation on the upside,” stated Mr. Nikolas P. Tsakos, President and CEO of TEN and current Chairman of INTERTANKO.
“Long-term business with first class clients is an important part of our industrial shipping strategy, solidifying further our balance sheet while supporting TEN’s continued profitability. These are all attributes which should ultimately be reflected in TEN’s true valuation,” Mr. Tsakos concluded.
Tsakos Energy Navigation TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. The Company’s pro-forma fleet, including four Aframax tankers and a Suezmax DP2 shuttle tanker under construction, consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.2 million dwt. Of these, 45 vessels trade in crude, 15 in products, three are shuttle tankers and two are LNG carriers.